OREANDA-NEWS. February 12, 2016. Fidelity National Financial, Inc. today reported the operating results of FNF Group (NYSE: FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, for the three and twelve-month periods ended December 31, 2015.

Total revenue of approximately \\$1.9 billion in the fourth quarter versus \\$1.7 billion in the fourth quarter of 2014

Adjusted fourth quarter net earnings of \\$155 million versus adjusted net earnings of \\$144 million for the fourth quarter of 2014

Fourth quarter free cash flow provided of \\$184 million versus \\$167 million provided in the fourth quarter of 2014

Repurchased 2.4 million shares of FNF common stock for approximately \\$85 million in the fourth quarter; for the full-year 2015, repurchased 5.9 million shares for approximately \\$214 million

Title

Approximately \\$1.6 billion in total revenue, adjusted pre-tax earnings of \\$225 million and adjusted pre-tax title margin of 13.8% for the fourth quarter versus approximately \\$1.5 billion in total revenue, adjusted pre-tax earnings of \\$217 million and an adjusted pre-tax title margin of 14.8% in the fourth quarter of 2014

Adjusted pre-tax title margin of 13.8% was a 100 basis point decline from the fourth quarter 2014 adjusted pre-tax title margin of 14.8%

ServiceLink generated \\$198 million in revenue, adjusted EBITDA of \\$25 million, an adjusted EBITDA margin of 13%, adjusted pre-tax earnings of \\$21 million and an adjusted pre-tax margin of 11% for the fourth quarter

Open orders per day of 7,000 for the fourth quarter versus 7,175 open orders per day for the fourth quarter of 2014

Closed orders per day of 5,413 for the fourth quarter versus 5,302 closed orders per day for the fourth quarter of 2014

Fourth quarter purchase orders opened and closed increased by 6% and 9%, respectively, versus the fourth quarter of 2014; for FNTG only (excluding ServiceLink), purchase orders opened and closed both increased by 9% versus the fourth quarter of 2014

Total commercial revenue of \\$303 million, a 11% increase over total commercial revenue in the fourth quarter of 2014; fourth quarter national commercial title revenue of \\$183 million, a 10% increase from the fourth quarter of 2014, driven by a 4% improvement in the commercial fee per file and a 6% increase in closed orders; open national commercial orders were essentially flat with the prior year

Overall fourth quarter average fee per file of \\$2,272, a 7% increase versus the fourth quarter of 2014

Title claims paid of \\$84 million, an increase of \\$8 million, or 11%, from the fourth quarter of 2014

Title Orders

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

/ (% Purchase)

October 2015

167,000

55%

120,000

58%

November 2015

140,000

56%

102,000

57%

December 2015

134,000

54%

119,000

59%

Fourth Quarter 2015

441,000

55%

341,000

58%

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

/ (% Purchase)

October 2014

176,000

53%

115,000

60%

November 2014

133,000

52%

97,000

56%

December 2014

143,000

51%

122,000

54%

Fourth Quarter 2014

452,000

52%

334,000

57%

* Includes an immaterial number of non-purchase and non-refinance orders

Open

Closed

Commercial

Commercial

Commercial

Revenue

Commercial

Orders*

Orders*

(In millions)

Fee Per File*

Fourth Quarter 2015 - Total Commercial

46,300

36,300

\\$303

\\$8,300

Fourth Quarter 2014 - Total Commercial

—

—

\\$274

—

Fourth Quarter 2015 - National Commercial

18,100

13,400

\\$183

\\$13,600

Fourth Quarter 2014 - National Commercial

18,100

12,700

\\$166

\\$13,100

* Total commercial order and fee per file tracking began in January 2015

BKFS

Revenue of \\$238 million, led by Servicing Technology revenue of approximately \\$162 million

Revenue growth of 8% for the fourth quarter compared to the fourth quarter of 2014, led by strong growth in Closing Insight and Loan Origination Systems

Adjusted EBITDA of \\$106 million and adjusted EBITDA margin of 44.9%

"This quarter was a strong finish to another successful year for FNF," said Chairman

William P. Foley, II. "We generated a 13.8% adjusted pre-tax title margin this quarter and a 14.3% adjusted pre-tax title margin for the full-year 2015. The commercial market remains very strong, with record fourth quarter total commercial revenue of more than \\$300 million and full-year 2015 total commercial revenue of more than \\$1 billion. Our open and closed purchase orders, excluding ServiceLink, both grew by 9% in the fourth quarter and for the full-year 2015, open and closed purchase orders grew by 8% and 9%, respectively. Refinance activity declined somewhat throughout the fourth quarter, although with the recent market volatility and decline in rates, refinance
volumes have the potential to be more stable than most would have expected as we head into 2016. If we continue to see a strong commercial market, further growth in the purchase market and some level of stability from the refinance market, we believe we can generate an adjusted pre-tax title margin above 15% in 2016.

"Black Knight continued its strong financial performance this quarter, generating 8% revenue growth, \\$106 million in adjusted EBITDA and a 44.9% adjusted EBITDA margin in the fourth quarter. For the full-year, Black Knight generated revenue growth of 9%, adjusted EBITDA of \\$409 million and an adjusted EBITDA margin of 44%. FNF's Black Knight ownership stake is currently worth approximately \\$2.3 billion, or approximately \\$8 per FNF share. Black Knight's business fundamentals remain strong and we firmly believe that its high single-digit organic revenue growth rate, mid-40's EBITDA margins and predictability of earnings will allow Black Knight to continue to generate value for both its shareholders and FNF shareholders."

Conference CallWe will host a call with investors and analysts to discuss fourth quarter 2015 FNF Group results on Thursday, February 11, 2016, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com. The telephone replay will be available from 1:00 p.m. Eastern time on February 11, 2016, through February 18, 2016, by dialing 800-475-6701 (
USA) or 320-365-3844 (International). The access code will be 383828.

About Fidelity National Financial, Inc.Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Fleetcor Technologies, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc. More information about FNF and FNFV can be found at www.fnf.com.

Use of Non-GAAP Financial InformationGenerally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes
and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings, adjusted EPS and free cash flow.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business
and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries.

This press release should be read in conjunction with the press release filed for the results of FNFV on this same date as well as the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FNF-E

FNF GROUP

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

FNF Group

Corporate

and Other

Total FNF

Group

Title

BKFS

Three Months Ended

December 31, 2015

Direct title premiums

\\$

521

\\$

521

\\$

—

\\$

—

Agency title premiums

592

592

—

—

Escrow, title related and other fees (1)

776

483

238

55

Total title and escrow

1,889

1,596

238

55

Interest and investment income

30

31

—

(1)

Realized gains and losses, net

14

14

—

—

Total revenue

1,933

1,641

238

54

Personnel costs

636

531

93

12

Agent commissions

452

452

—

—

Other operating expenses

437

345

42

50

Depreciation and amortization

90

36

51

3

Claim loss expense

61

61

—

—

Interest expense

31

—

15

16

Total expenses

1,707

1,425

201

81

Pre-tax earnings (loss) from continuing operations

\\$

226

\\$

216

\\$

37

\\$

(27)

Non-GAAP adjustments before taxes

Realized (gains) and losses, net

\\$

(14)

\\$

(14)

\\$

—

\\$

—

Deferred revenue add back and management fee

3

—

3

—

Purchase price amortization

46

23

23

—

Total non-GAAP adjustments before taxes

\\$

35

\\$

9

\\$

26

\\$

—

Adjusted pre-tax earnings (loss) from continuing ops.

\\$

261

\\$

225

\\$

63

\\$

(27)

Adjusted pre-tax margin from continuing operations

13.6

%

13.8

%

26.1

%

—

Purchase price amortization

(46)

(23)

(23)

—

Depreciation and amortization

90

36

51

3

Interest expense

31

—

15

16

Adjusted EBITDA

\\$

336

\\$

238

\\$

106

\\$

(8)

Adjusted EBITDA margin

17.5

%

14.6

%

44.9

%

—

ServiceLink non-GAAP reconciliations:

ServiceLink pre-tax loss

\\$

(5)

Depreciation and amortization

23

ServiceLink EBITDA

18

Management fee / other expenses

7

ServiceLink Adjusted EBITDA

\\$

25

ServiceLink pre-tax loss

\\$

(5)

Purchase price amortization

19

Management fee / other expenses

7

ServiceLink adjusted pre-tax earnings

\\$

21

1. BKFS also reported adjusted revenue of \\$240 million, which includes \\$2 million of deferred revenue

FNF GROUP

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF

Group

Title

BKFS

FNF Group

Corporate

and Other

Three Months Ended

December 31, 2015

Pre-tax earnings (loss) from continuing operations

\\$

226

\\$

216

\\$

37

\\$

(27)

Income tax expense (benefit)

73

79

18

(24)

Earnings from equity investments

2

2

—

—

Non-controlling interests

11

1

11

(1)

Net earnings (loss) attributable to FNF Group common shareholders

\\$

144

\\$

138

\\$

8

\\$

(2)

EPS attributable to FNF Group common shareholders - basic

\\$

0.52

\\$

0.50

\\$

0.03

\\$

(0.01)

EPS attributable to FNF Group common shareholders - diluted

\\$

0.51

\\$

0.49

\\$

0.03

\\$

(0.01)

FNF Group weighted average shares - basic

275

FNF Group weighted average shares - diluted

283

Net earnings (loss) attributable to FNF Group common shareholders

\\$

144

\\$

138

\\$

8

\\$

(2)

Total non-GAAP, pre-tax adjustments

35

9

26

—

Noncontrolling interest on non-GAAP adjustments

(17)

(4)

(13)

—

Income taxes on non-GAAP adjustments

(7)

(2)

(5)

—

Total non-GAAP adjustments

11

3

8

—

Adjusted net earnings (loss) attributable to FNF Group common shareholders

\\$

155

\\$

141

\\$

16

\\$

(2)

Adjusted EPS attributable to FNF Group common shareholders - diluted

\\$

0.55

\\$

0.50

\\$

0.06

\\$

(0.01)

Direct orders opened (000's)

441

441

Direct orders closed (000's)

341

341

Fee per file

\\$

2,272

\\$

2,272

Actual title claims paid

\\$

84

\\$

84

Cash flows provided by operations:

\\$

236

Capital expenditures

52

Free cash flow

\\$

184

FNF GROUP

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF

Group

Title

BKFS

FNF Group

Corporate

and Other

Three Months Ended

December 31, 2014

Direct title premiums

\\$

478

\\$

478

\\$

—

\\$

—

Agency title premiums

494

494

—

—

Escrow, title related and other fees

679

461

220

(2)

Total title and escrow

1,651

1,433

220

(2)

Interest and investment income

33

33

—

—

Realized gains and losses, net

4

(4)

—

8

Total revenue

1,688

1,462

220

6

Personnel costs

596

483

107

6

Agent commissions

373

373

—

—

Other operating expenses

371

330

40

1

Depreciation and amortization

83

36

46

1

Claim loss expense

59

59

—

—

Interest expense

29

—

8

21

Total expenses

1,511

1,281

201

29

Pre-tax earnings (loss) from continuing operations

\\$

177

\\$

181

\\$

19

\\$

(23)

Non-GAAP adjustments before taxes

Realized (gains) and losses, net

(4)

\\$

4

—

(8)

Deferred revenue add back

3

—

3

—

Severance expense

2

2

—

—

Synergy accrual

6

2

3

1

Merger transaction costs

6

3

3

—

Premium tax settlement

—

—

—

—

Other legal matters

2

1

1

—

Purchase price amortization

46

24

22

—

Payroll Accrual

3

—

3

—

Total non-GAAP adjustments before taxes

\\$

64

\\$

36

\\$

35

\\$

(7)

Adjusted pre-tax earnings (loss) from continuing operations

\\$

241

\\$

217

\\$

54

\\$

(30)

Adjusted pre-tax margin from continuing operations

14.3

%

14.8

%

24.2

%

—

Purchase price amortization

(46)

(24)

(22)

—

Depreciation and amortization

83

36

46

1

Interest expense

29

—

8

21

Adjusted EBITDA

\\$

307

\\$

229

\\$

86

\\$

(8)

Adjusted EBITDA margin

18.2

%

15.6

%

38.6

%

—

FNF GROUP

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF

Group

Title

BKFS

FNF Group

Corporate

and Other

Three Months Ended

December 31, 2014

Pre-tax earnings (loss) from continuing operations

\\$

177

\\$

181

\\$

19

\\$

(23)

Income tax expense

70

63

4

3

Earnings from equity investments

1

1

—

—

Non-controlling interests

8

(2)

10

—

Net earnings (loss) attributable to FNF Group common shareholders

\\$

100

\\$

121

\\$

5

\\$

(26)

EPS attributable to FNF Group common shareholders - basic

\\$

0.36

\\$

0.44

\\$

0.02

\\$

(0.09)

EPS attributable to FNF Group common shareholders - diluted

\\$

0.35

\\$

0.42

\\$

0.02

\\$

(0.09)

FNF Group weighted average shares - basic

276

FNF Group weighted average shares - diluted

286

Net earnings (loss) attributable to FNF Group common shareholders

\\$

100

\\$

121

\\$

5

\\$

(26)

Total non-GAAP, pre-tax adjustments

64

36

35

(7)

Income taxes on non-GAAP adjustments

(16)

(10)

(9)

3

Noncontrolling interest on non-GAAP adjustments

(4)

(5)

1

—

Total non-GAAP adjustments

44

21

27

(4)

Adjusted net earnings (loss) attributable to FNF Group common shareholders

\\$

144

\\$

142

\\$

32

\\$

(30)

Adjusted EPS attributable to FNF Group common shareholders - diluted

\\$

0.50

\\$

0.50

\\$

0.11

\\$

(0.10)

Direct orders opened (000's)

452

452

Direct orders closed (000's)

334

334

Fee per file

\\$

2,131

\\$

2,131

Actual title claims paid

\\$

76

\\$

76

Cash flows provided by operations:

\\$

186

Non-GAAP adjustments:

LPS merger transaction costs

8

Other legal expenses

11

Total non-GAAP adjustments

19

Adjusted cash flows from operations

205

Capital expenditures

38

Free cash flow

\\$

167

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF

Group

Title

BKFS

FNF Group

Corporate

and Other

Twelve Months Ended

December 31, 2015

Direct title premiums

\\$

2,009

\\$

2,009

\\$

—

\\$

—

Agency title premiums

2,277

2,277

—

—

Escrow, title related and other fees (1)

3,121

2,005

931

185

Total title and escrow

7,407

6,291

931

185

Interest and investment income

121

123

—

(2)

Realized gains and losses, net

6

14

(5)

(3)

Total revenue

7,534

6,428

926

180

Personnel costs

2,514

2,090

382

42

Agent commissions

1,731

1,731

—

—

Other operating expenses

1,714

1,381

161

172

Depreciation and amortization

345

144

194

7

Claim loss expense

246

246

—

—

Interest expense

122

—

50

72

Total expenses

6,672

5,592

787

293

Pre-tax earnings (loss) from continuing operations

\\$

862

\\$

836

\\$

139

\\$

(113)

Non-GAAP adjustments before taxes

Realized (gains) and losses, net

(6)

\\$

(14)

5

3

Deferred revenue add back and management fee

13

2

11

—

Purchase price amortization

183

92

90

1

IPO costs & profits interest acceleration

10

—

10

—

Total non-GAAP adjustments before taxes

\\$

200

\\$

80

\\$

116

\\$

4

Adjusted pre-tax earnings (loss) from continuing operations

\\$

1,062

\\$

916

\\$

255

\\$

(109)

Adjusted pre-tax margin from continuing operations

14.1

%

14.3

%

27.1

%

—

Purchase price amortization

(183)

(92)

(90)

(1)

Depreciation and amortization

345

144

194

7

Interest expense

122

—

50

72

Adjusted EBITDA

\\$

1,346

\\$

968

\\$

409

\\$

(31)

Adjusted EBITDA margin

17.9

%

15.1

%

44.0

%

—

1. BKFS also reported adjusted revenue of \\$940 million, which includes \\$9 million of deferred revenue

FNF GROUP

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)

Total FNF

Group

Title

BKFS

FNF Group

Corporate

and Other

Twelve Months Ended

December 31, 2015

Pre-tax earnings (loss) from continuing operations

\\$

862

\\$

836

\\$

139

\\$

(113)

Income tax expense (benefit)

310

305

35

(30)

Earnings from equity investments

6

6

—

—

Non-controlling interests

18

(10)

28

—

Net earnings (loss) attributable to FNF Group common shareholders

\\$

540

\\$

547

\\$

76

\\$

(83)

EPS attributable to FNF Group common shareholders - basic

\\$

1.95

\\$

1.97

\\$

0.27

\\$

(0.29)

EPS attributable to FNF Group common shareholders - diluted

\\$

1.89

\\$

1.91

\\$

0.27

\\$

(0.29)

FNF Group weighted average shares - basic

277

FNF Group weighted average shares - diluted

286

Net earnings (loss) attributable to FNF Group common shareholders

\\$

540

\\$

547

\\$

76

\\$

(83)

Total non-GAAP, pre-tax adjustments

200

80

116

4

Income taxes on non-GAAP adjustments

(50)

(22)

(26)

(2)

Noncontrolling interest on non-GAAP adjustments

(71)

(23)

(48)

—

Total non-GAAP adjustments

79

35

42

2

Adjusted net earnings (loss) attributable to FNF Group common shareholders